I’ve personally never faced an invoice over $10k (massive turnover expense plus took the opportunity to replace all appliance and install grainier to raise rents.)

The former owner didn't want to handle the paperwork.

You’re in a great position with high W-2 income, and your motivation to invest for cash flow and tax benefits is spot on.Since you’re just getting started, I’d actually encourage you to consider long-term rentals (LTRs) over short-term rentals (STRs) for your first deal (this is coming from my own personal experience in owning STRs).

Quote from @Andrew Steffens: This is highly personal, and highly customizable. 

Every single person in this thread is wrong and you should not listen to them.

Do you know if you must accept the first person that passes the qualifications?

Just get a great cleaning crew to be your eyes and ears and a handyman to handle small repairs.Save the money that you would pay a PM.

To those who started out without a lot of money, how did y'all handle this?

It sounds like there was some bad screening even letting this person rent the property.

Ultimately, any investment is about risk vs. reward, and your personal goals.Big questions, but certainly not exclusive:What is sponsors background?